What Exchange rate do I apply to US funds received in benefits for 2015 ? Sorry I said interest rate by mistake
Hello,
You need to report amounts in Canadian dollars. When you receive foreign currency payments you would use the exchange rate that was in effect on the day of the transaction or, if there were transactions at various times throughout the year, you can use the average annual exchange rate. You can use different tools to determine the exchange rate that applied at the time the payments were made, such as http://www.bankofcanada.ca/rates/exchange/10-year-converter/ with the Bank of Canada, or you may consider using monthly or annual averages at the bottom right of this page published from the Bank of Canada: http://www.bankofcanada.ca/rates/exchange/
What Exchange rate do I apply to US funds received in benefits for 2015 ? Sorry I said interest rate by mistake
Hello,
You need to report amounts in Canadian dollars. When you receive foreign currency payments you would use the exchange rate that was in effect on the day of the transaction or, if there were transactions at various times throughout the year, you can use the average annual exchange rate. You can use different tools to determine the exchange rate that applied at the time the payments were made, such as http://www.bankofcanada.ca/rates/exchange/10-year-converter/ with the Bank of Canada, or you may consider using monthly or annual averages at the bottom right of this page published from the Bank of Canada: http://www.bankofcanada.ca/rates/exchange/
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